OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
October 26. 2022
TO THE HONORABLE. HI! CITY COUNCIL OF THE CI TY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner ol'Planning and Development, I transmit herewith an ordinance authorizing the execution of a tax increment financing redevelopment agreement with the Institute of Cultural Affairs.
Your favorable consideration ofthis ordinance will be appreciated.
Very truly yours.
Mayor
ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 27, 2001 and published at pages 62216 to 62320 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Plan") for the Lawrence/Broadway Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 27, 2001 and published at pages 62321 to 62330 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on June 27, 2001 and published at pages 62331 to 62340 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and
WHEREAS, ICA Landlord LLC, an Illinois limited liability company ("QALICB") is a tenant pursuant to a long term lease with the Owner (described below) on property generally located at 4750 North Sheridan Road Chicago, Illinois 60640 (the "Site") which is within the Area; and
WHEREAS, The Institute of Cultural Affairs, an Illinois not-for-profit corporation ("ICA") is an affiliate of QALICB; and
WHE...
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